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HomeForex EducationDay by day Foreign exchange Information and Watchlist: EUR/USD

Day by day Foreign exchange Information and Watchlist: EUR/USD

The U.S. is printing the primary studying of its Q2 GDP!

How will USD pairs react? Will the discharge have an effect on EUR/USD’s short-term downtrend?

Earlier than transferring on, ICYMI, yesterday’s watchlist checked out a confluence of inflection points on GBP/AUD’s 1-hour chart. Remember to try if it’s nonetheless a sound play!

And now for the headlines that rocked the markets within the final trading sessions:

Contemporary Market Headlines & Financial Knowledge:

Inflation, protection plane purchases push U.S. core sturdy items 1.9% greater vs. 0.8% anticipated in June

U.S. pending house gross sales plunge by 8.6% in June as demand is weighed down by surging mortgage charges

EIA: U.S. crude stockpiles drop as exports surge to document excessive final week

As anticipated, Fed hikes charges by 75bps to 2.25%-2.5% vary, the very best since December 2018

Powell: The trail [to a soft landing] has clearly narrowed and should slender additional

Powell: One other “unusually massive” enhance in rates of interest could also be acceptable in September

Powell: It should probably change into acceptable to “gradual the tempo of will increase” whereas assessing influence of coverage changes

Powell: Time to go to a gathering by assembly foundation and never present clear steerage

Australia’s retail gross sales momentum slowed from 0.9% to 0.2% in June

U.S. advance GDP at 12:30 pm GMT
U.S. preliminary jobless claims at 12:30 pm GMT
U.S. Treasury Sec Yellen to present a speech in DC as we speak
Tokyo’s core CPI at 11:30 pm GMT
Japan’s unemployment charge at 11:30 pm GMT
Japan’s industrial manufacturing at 11:50 pm GMT
Japan’s retail gross sales at 11:50 pm GMT
AU quarterly PPI at 1:30 am GMT at 5:00 am GMT (Jul 29)
Japan’s shopper confidence at 5:00 am GMT (Jul 29)

Use our new Currency Heat Map to shortly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️

EUR/USD 1-hour Forex Chart

EUR/USD 1-hour Foreign exchange Chart

In the event you didn’t catch sufficient motion from the Fed’s rate of interest enhance, then as we speak’s U.S. advance GDP release would possibly get you a pip or two.

Markets see Uncle Sam rising by 0.4% in Q2 after contracting by 1.6% in Q1 however some predict that the economic system will print its second destructive progress this week.

Two consecutive destructive progress quarters would put the U.S. economic system in a technical recession!

As you may see, EUR/USD is buying and selling on the high of a descending channel proper when the 100 SMA crossed under the 200 SMA on the 1-hour time-frame.

An upside shock would work in favor of those that have already noticed EUR/USD’s short-term downtrend. EUR/USD may drop under the SMAs and revisit the 1.0100 earlier support zone.

However what if as we speak’s numbers encourage risk-taking?

If the U.S. narrowly avoids a technical recession, then we may see extra of the risk-taking and anti-USD theme that we’ve been seeing this week.

EUR/USD may bust above its channel resistance and goal earlier areas of curiosity like 1.0270 or 1.0350.

Don’t even consider lacking as we speak’s launch!

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